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Karnataka bank’s net profit grows by 60.69% to 140.41 crores during Q3 FY19

Mangalore Today News Network

Mangaluru, Jan 11, 2019: Powered by a strong and consistent all round growth, Karnataka Bank has posted a net profit of Rupees 140.41 crore for the third quarter of current financial year against Rupees 87.38 crore for the corresponding period of last year there by registering an y-o-y growth of 60.69%. For the nine months period ended  Dec 2018, Bank posted a net profit of Rupees 415.51 crores as against Rupees 314.61 crores for the corresponding period of last year with a growth rate of 32.07%.

Mahabaleshwara...The Operating profit during Q3 of current year is Rupees 400.37 crores as against  Rupees 321.90 crores during the corresponding period of the previous year, registering a growth of 24.38%.

Further, for 9 months period of current financial year the operating profit stood at Rupees 1125.58 crores as against Rupees 997.84 crores for the corresponding period of previous year and registered a growth of 12.80%.

The Gross NPA is at 4.45% as compared to 4.66% as of previous quarter of current financial year, i.e September 2018. Similarly the Net NPA is maintained at 3.00% as compared to September 2018.

Bank has clocked a business turnover of Rupees 1,17,102 crores as on 31-12-2018, registering a y-o-y growth of 14.67%. Deposits of the Bank rose to Rupees 65,141 crores from Rupees 57,771 crores, registering y-o-y growth of 12.76%. Advances rose to Rupees 51,961 crores from Rupees 44,354 crores, registering y-o-y growth of 17.15%.

Announcing the results at the Bank’s Head Quarters at Mangaluru, Shri Mahabaleshwara M S, Managing Director & CEO, of the Bank said, “The Q3 results are on the expected line. The growth rate, asset quality and earnings have shown consistent tractions. Bank has been able to maintain the consistency without any negative surprises and is determined to further consolidate it going forward”.